Investment Rating - The report maintains a "Buy" rating for the company [6][19]. Core Views - The company experienced a slight pressure on revenue and performance, with a revenue of 2.42 billion and a year-on-year decrease of 3.14% in the first half of 2025. The net profit attributable to the parent company was 0.83 billion, down 16.1% year-on-year [1]. - Despite the challenges, the company plans to distribute a mid-term cash dividend of 0.26 billion, representing a payout ratio of 31.6%, indicating a focus on shareholder returns [1]. - The company expects net profits for 2025-2027 to be 2.3 billion, 2.6 billion, and 3 billion respectively, with corresponding P/E ratios of 31, 27, and 23 [1]. Revenue and Orders - In the first half of 2025, the company achieved revenue of 1.49 billion in the semiconductor and related sectors, 0.42 billion in new displays, and 0.25 billion in life sciences and health, with year-on-year changes of -23.2%, +47.2%, and +8.7% respectively [2]. - The company had a backlog of orders amounting to 1.75 billion, a year-on-year decline of 22%, with the new display panel sector maintaining a high level of demand [2]. Financial Performance - The gross margin for the first half of 2025 was 10.14%, an increase of 0.65 percentage points year-on-year, while the net profit margin was 3.42%, down 0.55 percentage points year-on-year [3]. - The company reported a cash flow from operations (CFO) net outflow of 0.643 billion, which was an increase in outflow of 0.289 billion year-on-year [3]. Financial Data and Valuation - The projected revenue for 2025 is 5.82 billion, with a growth rate of 10.90%. The net profit attributable to the parent company is expected to be 0.226 billion, reflecting a growth rate of 6.32% [5][12]. - The company’s P/E ratio is projected to decrease from 33.07 in 2023 to 23.02 in 2027, indicating an improving valuation over time [5][12].
柏诚股份（601133）：收入、业绩小幅承压，海外收入增速亮眼